Bitcoin hits multi-month low, cryptocurrency markets still feeling the strain after a wave of negative sentiment hit markets again this week.

FUD is a major culprit behind Bitcoin’s continued falls Friday as mainstream media announce more ‘deaths’ and ‘bans’.

50756Total views

428Total shares

News

Bitcoin dropped below $8000 today, Feb. 2, for the first time since November, 2017, the month that started at $6500 and saw Bitcoin break $10,000 for the first time a few weeks after. The current drop comes as continuing pressure causes fresh sell-offs across cryptocurrency markets.

Image source: coin360.io

According to Cointelegraph’s price index, BTC hit a multi-month low of $7,791.02 at press time.

Image source: coin360.io

Support appears to be in place to keep prices above the $7500 barrier, although commentators are nonetheless calling lows closer to $7000 before a reversal could take place.

Bitcoin’s losses also spurred knock-on effects for altcoins across the top one hundred tracked by Coin360, the vast majority losing at least 50 percent more in the past 24 hours than Bitcoin itself.

Image source: coin360.io

In total, cryptocurrency markets have shed over $100 billion from their combined market cap since yesterday, Feb. 1.

While markets appeared uninterested in South Korea’s exchange market KYC legislation going into effect this week, it was the Indian finance minister’s crypto regulation-related comments in a budget speech Feb. 1 that accelerated losses.

Despite local exchanges saying finance minister Arun Jaitley’s words did not include any new information on how lawmakers approach the industry, mainstream media and journalists alike announced a “ban” on Bitcoin in India after the speech.

This had a palpable effect on trading, despite industry reiterations that no outright ban was planned.